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FinTech M-KOPA Raises $75M to Expand Platform

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African FinTech startup M-KOPA raised $75 million in a growth equity round to expand its financial services platform for the underbanked into additional countries beyond its current operations across Kenya, Uganda, Nigeria and Ghana.

The fresh capital will also be used to help M-KOPA grow beyond asset financing by scaling other products — health insurance, cash loans, and buy now pay later (BNPL) merchant partnerships, according to multiple reports.

Headquartered in Nairobi, Kenya, and founded in 2011, M-KOPA offers connected financing and digital financial services to underbanked consumers. As of this year, the company has provided $600 million in financing to an estimated 2 million people.

See also: Pan-African Asset Financing Model Changes Lender, Consumer Economics of Pay-as-You-Go Plans

The growth capital round was led by Generation Investment Management and Broadscale Group, with participation from new investors including LocalGlobe’s Latitude Fund and HEPCO Capital Management. Existing investors CDC Group and LGT Lightrock also backed the round. M-KOPA’s total…

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